HARTFORD, Conn.–Hartford Municipal Employees Federal Credit Union (HMEFCU) said it has received its certification by the US Treasury’s Community Development Financial Institutions (CDFI) Fund. There are 1,002 certified CDFIs in the US, including loan funds, credit unions and community banks. To receive this certification, financing organizations must have a primary mission of promoting community development and provide development services in conjunction with its financing activities.
CDFI certification allows Hartford Municipal Employees Federal Credit Union to better serve low and moderate-income consumers who live, work, worship or attend school in Hartford. And, also promotes financial inclusion. The benefits of certification include access to financial grants from the CDFI Fund, partnership opportunities with banks that are seeking Bank Enterprise Awards, access to New Market Tax Credits and the enhanced ability to raised funds from foundations, corporations, state and local governments. Prior to the certification, Hartford Municipal Employees Federal Credit Union had received Low Income Designation from the National Credit Union Administration (NCUA), providing Hartford Municipal Employees Federal Credit Union with the option to accept deposits from non-members, offer secondary capital accounts and receive exemption from the aggregate limit on member business lending.
“We are excited to have this certification to help raise awareness and educate our communities about the benefits of joining a financial cooperative movement and the impact credit unions are making, “said Marco Signorello, CEO of Hartford Municipal EFCU. “CDFI is a great asset that will help us increase our capacity, while building key partnerships that will help us continue to meet the needs of the communities we serve.”